Canvass AI Receives Patent for Industrial AI Platform
Invention Brings Accurate Predictive Process Control to Industrial Operations
TORONTO, Ont. – [June 2, 2022] – Canvass AI Inc. ("Canvass"), a leading provider in industrial AI software, today announced that it has been granted a patent, US11/294,367 by the U.S Patent and Trademark Office (USPTO) for its Industrial AI platform that empowers industrial workforces with actionable insights to improve decision making and reduce operational complexity.
“This patent solves one of the most challenging roadblocks to Industrial AI success. By pushing the boundaries of AI innovation, our customers have the confidence to trust AI and make accurate, data-driven decisions to positively impact their day-to-day operations,” said Humera Malik, CEO of Canvass AI. “This is just one of many milestones to come for our company as we seek to empower the next generation of industrial engineers with data.”
According to Forrester, on average, between 60% and 73% of all data within an enterprise goes unused. For the industrial sector, this means that common operational challenges such as batch-on-batch variability, unplanned downtime, and waste remain unresolved because traditional analytics are unable to analyze multi-dimensional variability in time-based data relationships and provide accurate results.
Canvass AI’s newly issued patent enables industrial companies to use AI in everyday operations to unlock meaningful value from operational data. The patent does this by empowering industrial workforces with accurate times-series forecasts that assist them in making real-time adjustments to their processes and assets. This is particularly applicable to industrial companies across the oil and gas, chemicals and metals and mining operations, where delays or time lags may affect process outcomes. For example, one of Canvass AI’s customers is using it to predict and optimize a complex continuous process, resulting in an increase in production and creating value of more than $6M, year-over-year.
Peter Reynolds, ARC Advisory Group, commented, “Canvass AI’s new patent announcement shows a commitment to innovation with a new AI architecture that helps process engineers and industrial data scientists better understand the relationships among process variables. The capability of the Canvass solution to provide accurate time-series forecasts and predictions will be a valuable tool to complement Advanced Process Control and other real-time process optimization technologies.”
Canvass AI’s customers span the oil and gas, chemical and petrochemical, metals and mining, food and beverage and energy sectors. Its platform provides engineers with easy-to-use Industrial AI solutions to apply and scale across their operations, without requiring coding expertise or relying on data scientists. Unlike most other AI software offerings, the Canvass AI platform is purpose-built to address industrial operational challenges, such as reducing carbon emissions, lowering costs and waste, improving yields, enabling predictive maintenance, proactively managing quality, and optimizing energy consumption.
About Canvass AI
Canvass AI is a leading Industrial AI software provider that puts the power of AI in the hands of engineers to drive the data-driven insights they need to augment their expertise and impact profitability and sustainability. Some of the world’s largest industrial companies use Canvass AI to future-proof operations, empower their workforces, and drive net-zero ambitions. Canvass AI’s investors include Yamaha Motor Ventures and Alphabet’s Gradient Ventures. Follow us on Twitter or LinkedIn.
Click here to view the patent in full.